Redwire (NYSE:RDW) Stock Price Down 6% – Here’s Why

Redwire Co. (NYSE:RDW) fell 6% during mid-day trading on Tuesday . The stock traded as low as $12.93 and last traded at $13.10. 673,704 shares were traded during mid-day trading, a decline of 43% from the average session volume of 1,172,552 shares. The stock had previously closed at $13.94.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. B. Riley downgraded shares of Redwire from a “buy” rating to a “neutral” rating and increased their target price for the company from $8.00 to $9.50 in a report on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $6.00 price objective on shares of Redwire in a research note on Monday, September 30th. Roth Mkm boosted their target price on Redwire from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $18.00 price target on shares of Redwire in a research report on Wednesday, December 11th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.13.

Redwire Price Performance

The stock’s 50 day simple moving average is $13.65 and its two-hundred day simple moving average is $9.33. The stock has a market capitalization of $969.16 million, a PE ratio of -12.04 and a beta of 2.17.

Insider Activity at Redwire

In other Redwire news, major shareholder Park Lp Genesis II sold 5,371 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $18.01, for a total value of $96,731.71. Following the sale, the insider now directly owns 4,598,056 shares in the company, valued at $82,810,988.56. The trade was a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 267,656 shares of company stock worth $4,721,852. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RDW. SG Americas Securities LLC lifted its holdings in Redwire by 39.6% during the third quarter. SG Americas Securities LLC now owns 21,870 shares of the company’s stock valued at $150,000 after purchasing an additional 6,200 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of Redwire by 129.1% in the third quarter. MetLife Investment Management LLC now owns 14,058 shares of the company’s stock valued at $97,000 after purchasing an additional 7,921 shares during the period. Arkadios Wealth Advisors purchased a new stake in shares of Redwire during the 4th quarter valued at approximately $165,000. The Manufacturers Life Insurance Company bought a new position in Redwire in the 2nd quarter worth approximately $74,000. Finally, Penserra Capital Management LLC grew its stake in Redwire by 16.5% in the 3rd quarter. Penserra Capital Management LLC now owns 74,626 shares of the company’s stock valued at $512,000 after buying an additional 10,558 shares in the last quarter. Institutional investors own 8.10% of the company’s stock.

Redwire Company Profile

Redwire Corporation provides critical space solutions and space infrastructure for government and commercial customers in the United States, Europe, and internationally. The company provides avionics and sensors including star trackers, sun sensors, critical for navigation, and control of spacecraft; camera systems; solar array solutions for spacecraft spanning the spectrum of size, power needs, and orbital location; and strain composite booms, coilable booms, truss structures, telescope baffles, and deployable booms to position sensors or solar arrays away from the spacecraft.